New York Passes Climate Change Superfund Act, Holding Fossil Fuel Companies Accountable

📆 28/12/2024 00:55:00
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Environment Notícia

Climate Change,Fossil Fuels,Legislation

Large fossil fuel companies in New York will be charged fees to contribute to a state fund aimed at mitigating the effects of climate change. The new law, known as the Climate Change Superfund Act, requires companies responsible for substantial greenhouse gas emissions to pay into the fund, which will finance infrastructure projects focused on repairing and preventing future climate change damage. The law targets the largest emitters of greenhouse gases between 2000 and 2018 and includes projects like coastal wetland restoration, road and bridge upgrades, and water drainage system improvements.

Large fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed Thursday by Gov. Kathy Hochul.The new law requires companies responsible for substantial greenhouse gas emissions to pay into a state fund for infrastructure projects meant to repair or avoid future damage from climate change.

Liz Krueger, a Democrat who sponsored the bill.'The planet's largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences,' Krueger said.The biggest emitters of greenhouse gases between 2000 and 2018 would be subjected to the fines.The law won't start penalizing companies immediately.

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